Northland Capital Markets Downgrades Thoratec (THOR) to Market Perform

Northland Capital Markets downgraded Thoratec (NASDAQ: THOR) from Outperform to Market Perform with a price target of $26.00 (from $46.00).

Analyst Suraj Kalia said, "THOR Q2 results epitomized poor tactical execution & clinical messaging in the field. Revs @ $118M missed consensus @ $126M. FY14 guidance @ $455 - $470M was down significantly from the earlier guidance of $520 - $535M. Company cited -1) share losses in Europe; 2) slowdown in U.S. open heart centers; and 3) continued impact of NEJM thrombosis article. Not sure if this quarter was a kitchen sink strategy or the wheels are coming off the bus."

For an analyst ratings summary and ratings history on Thoratec click here. For more ratings news on Thoratec click here.

Shares of Thoratec closed at $23.27 yesterday.

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